$92
$497

Pros and Cons
Pros and Cons
- Strong investment returns and low fees.
- In-house contact centre and administration.
- Commission-free financial advice.
- Flexible insurance.
- Secure mobile app and online account access.
Summary
LUCRF Super was established in 1978 to provide for the retirement needs of members employed within a wide range of industries. The fund is a public offer fund and allows members from all industries to apply for membership.LUCRF Super offers an investment menu of 5 diversified options and 6 single sector options. The MySuper Balanced (default) option underperformed the relevant SuperRatings Index over all assessed periods to 30 June 2020.Fees are lower than the industry average across all account balances assessed. The fund does not charge a buy-sell spread or a switching fee.LUCRF Super's insurance offering allows eligible members to apply for up to $5 million of Death cover and up to $3 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection is available covering up to 85% of salary with a 2-year or 5-year benefit period following a 30, 60 or 90 day waiting period. LUCRF Super offers access to free consolidation and lost super search services, as well as member education programs and a mobile app. The LUCRF Community Partnership Trust continues to be actively involved in numerous community projects across Australia that reflect the core values of LUCRF, its employers and members.
Features and Fees
LUCRF Super Fees and Features
- Features
- Insurance Cover
- Fees
Features
Binding nominations | |
Account size discount | Online Access |
Home loans | Financial planning service |
Non-lapsing binding nominations | Employer size discount |
Anti-detriment payments | Credit cards |
Insurance Cover
Health insurance | Insurance life event increases |
Total and permanent disability cover | Long term income protection |
Fees
Admin fee $92 | Administration fee (%) 0.21% |
Switching fee $0 | Investment fee 0.3% |
Indirect cost ratio (%) 0.3% | Exit fee $0 |
Pros and Cons
- Strong investment returns and low fees.
- In-house contact centre and administration.
- Commission-free financial advice.
- Flexible insurance.
- Secure mobile app and online account access.
LUCRF Super was established in 1978 to provide for the retirement needs of members employed within a wide range of industries. The fund is a public offer fund and allows members from all industries to apply for membership.LUCRF Super offers an investment menu of 5 diversified options and 6 single sector options. The MySuper Balanced (default) option underperformed the relevant SuperRatings Index over all assessed periods to 30 June 2020.Fees are lower than the industry average across all account balances assessed. The fund does not charge a buy-sell spread or a switching fee.LUCRF Super's insurance offering allows eligible members to apply for up to $5 million of Death cover and up to $3 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection is available covering up to 85% of salary with a 2-year or 5-year benefit period following a 30, 60 or 90 day waiting period. LUCRF Super offers access to free consolidation and lost super search services, as well as member education programs and a mobile app. The LUCRF Community Partnership Trust continues to be actively involved in numerous community projects across Australia that reflect the core values of LUCRF, its employers and members.
Read More
LUCRF Super Fees and Features
- Features
- Insurance Cover
- Fees
Features
Binding nominations | |
Account size discount | Online Access |
Home loans | Financial planning service |
Non-lapsing binding nominations | Employer size discount |
Anti-detriment payments | Credit cards |
Insurance Cover
Health insurance | Insurance life event increases |
Total and permanent disability cover | Long term income protection |
Fees
Admin fee $92 | Administration fee (%) 0.21% |
Switching fee $0 | Investment fee 0.3% |
Indirect cost ratio (%) 0.3% | Exit fee $0 |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return 5.50% | Admin fee $92 | Company Promoted ![]() | Calc fees on 50k $497 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | Highlighted |
Past 5-year return 5.50% | Admin fee $92 | Company Promoted ![]() | Calc fees on 50k $497 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | Open to all industries, this public offer fund has strong investment returns, low fees and flexible insurance. More details | ||
Product | Past 5-year return 5.50% | Admin fee $92 | Company Promoted ![]() | Calc fees on 50k $497 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
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FAQs
When can I access my superannuation?
You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:
Date of birth | Preservation age |
---|---|
Before 1 July 1960 | 55 |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
From 1 July 1964 | 60 |
A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.
There are also seven special circumstances under which you can claim your superannuation:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
What happens if my employer falls behind on my superannuation payments?
The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
How can I keep track of my superannuation?
Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.
How do I choose the right superannuation fund?
Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.
So you need to ask yourself these four questions when comparing superannuation funds:
- How many fees would I have to pay and what would they cost?
- What insurances are available and how much would they cost?
- What investment options does it offer? How would they match my risk profile and financial needs?
- How have these investment options performed historically?
Am I entitled to superannuation if I'm not an Australian citizen?
Yes, permanent and temporary residents are entitled to superannuation.
Can I transfer money from overseas into my superannuation account?
Yes, you can transfer money from overseas into your superannuation account – under certain conditions. First, you must provide your tax file number to your fund. Second, if you are aged between 65 and 74, you must have worked at least 40 hours within 30 consecutive days in a financial year. (Australians under 65 aren’t subject to a work test; Australians aged 75 and over cannot receive contributions to their superannuation account.)
Money transferred from overseas will generally count to both your concessional contributions limit and your non-concessional contributions limit. You will have to pay income tax on the applicable fund earnings component of any money transferred from overseas. You might also be liable for excess contributions tax.
How is superannuation calculated?
Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.
The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
What are ethical investment superannuation funds?
Ethical investment funds limit themselves to making ‘ethical’ investments (which each fund defines according to its own principles). For example, ethical funds might avoid investing in companies or industries that are linked to human suffering or environmental damage.
How do you find lost superannuation funds?
Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.
You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.
What should I know before getting an SMSF?
Four questions to ask yourself before taking out an SMSF include:
- Do I have enough superannuation to justify the higher set-up and running costs?
- Am I able to handle complicated compliance obligations?
- Am I willing to spend lots of time researching investment options?
- Do I have the skill to make big financial decisions?
It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.
What is the age pension's income test?
These are the rules for most people who want to claim the standard pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 50 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 50 cents for each dollar over $300
These are the rules for most people who want to claim the transitional pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 40 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 40 cents for each dollar over $300
For most people, the age pension cuts off if your fortnightly income exceeds these thresholds:
Category | Fortnightly income |
---|---|
Standard pension for singles | $1,944.60 |
Standard pension for couples living together | $2,978.40 |
Standard pension for couples living apart due to ill health | $3,853.20 |
Transitional pension for singles | $2,038.00 |
Transitional pension for couples living together | $3,317.00 |
Transitional pension for couples living apart due to ill health | $4,040.00 |
How can I increase my superannuation?
You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.
How much money do you get on the age pension?
Pension payments can be reduced due to the income test and asset test (see ‘What is the age pension’s income test?’ and ‘What is the age pension’s assets test?’).
Here are the maximum fortnightly payments:
Category |
Single |
Couple each |
Couple combined |
Couple apart due to ill health |
Maximum basic rate |
$808.30 |
$609.30 |
$1,218.60 |
$808.30 |
Maximum pension supplement |
$65.90 |
$49.70 |
$99.40 |
$65.90 |
Energy supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
TOTAL |
$888.30 |
$669.60 |
$1,339.20 |
$888.30 |
What happens if my employer goes out of business while still owing me superannuation?
If your employer collapses, a trustee or administrator or liquidator will be appointed to manage the company. That trustee/administrator/liquidator will be required to pay your superannuation out of company funds.
If the company doesn’t have enough funds, in some cases company directors will be required to pay your superannuation. If the directors still don’t pay, the Australian Securities & Investment Commission (ASIC) might take legal action on your behalf. However, ASIC might decline to take legal action or might be unsuccessful.
So there might be some circumstances when you don’t receive all the superannuation you’re owed.
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
Payment type | Is superannuation paid? |
---|---|
Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
Overtime hours – agreement prevails over award | No |
Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
No ordinary hours of work stipulated | Yes – all hours worked |
Casual employee: shift loadings | Yes |
Casual employee: overtime payments | No |
Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
Piece-rates – no ordinary hours of work stipulated | Yes |
Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
What age can I withdraw my superannuation?
You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the six different categories:
Date of birth | Preservation age |
---|---|
Before 1 July 1960 | 55 |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
From 1 July 1964 | 60 |
When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.
You can also withdraw all your superannuation once you reach 65 years.
How much superannuation should I have?
The amount of superannuation you need to have at retirement is based on how much money you would expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $465 | $668 |
Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $50,000 | $35,000 |
Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
Category | Comfortable | Modest | Age pension |
---|---|---|---|
Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
Clothing | Good clothes | Reasonable clothes | Basic clothes |
Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
Insurance | Private health insurance | Private health insurance | No private health insurance |
What are the age pension's residence rules?
On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:
- You’re exempt from the 10-year rule if you’re a refugee or former refugee
- You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
- You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
- You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia
Is superannuation taxed?
Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.